Jim Cramer Says SMCI Stock Is A ‘Sell’ Amid Accounting Irregularities: Super Micro Computer Stock Has Fallen 66% In 6 Months — Here’s What Technical Analysis Shows
Jim Cramer has censured Super Micro Computer Inc (NASDAQ:SMCI) amid irregularities in its accounting, following a barrage of issues it has been facing since June 2024.
What Happened: Cramer, who is the host of ‘Mad Money’ on CNBC, during his show answered a question about Super Micro Computer and said, “Sell. It doesn’t matter, I don’t care…Accounting irregularities equal sell.”
This goes back to mid-2024 when the company first missed filing the Form 10-K with the SEC, the annual financial report for the company’s year ending June 30.
Subsequently, the short-seller Hindenburg Research released a damning report on Aug. 27, accusing SMCI of accounting fraud, self-dealing, and sanctions evasion. Following this the company has faced significant turmoil.
Ernst & Young resigned as SMCI’s auditor on Oct. 30 and the company missed the deadline for filing its Form 10-Q with the Securities and Exchange Commission for the first quarter of fiscal 2025 as well.
SMCI temporarily avoided …
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